Federal Stafford Loans
Federal Stafford Loans are low interest loans available to eligible students to assist them with costs related to their education. These loans are made by the federal government. There are two types of Federal Stafford Loans available: subsidized and unsubsidized. The combined annual maximum for law students for both subsidized and unsubsidized portions is $20,500, of which the federal government will subsidize up to $8,500 per year for students who demonstrate financial need. The Federal government pays the interest on subsidized loans until repayment begins. The remaining $12,000 may be borrowed as an unsubsidized loan. Students who cannot demonstrate financial need may borrow an unsubsidized Federal Stafford Loan (up to $20,500), and pay or accrue interest beginning at disbursement. The current interest rate for this loan is fixed at 6.8%. Repayment begins six months after the borrower graduates, leaves school or drops to less than half-time enrollment.
To apply for a Federal Stafford loan, complete the Stafford loan request form or come in to the Financial Aid Office for more information.
Federal Graduate PLUS Loans
Graduate and professional students may borrow a Graduate PLUS Loan in addition to the Stafford loan to help pay for living expenses. A credit check is required and performed by the federal government. You must be enrolled at least half-time, be a US Citizen, US National, or Permanent Resident, and pass the government’s credit check to be approved for the loan. The interest rate is fixed at 7.9% and the loan is deferred while enrolled in law school. Your income and credit score will not affect your eligibility. The maximum amount is calculated to be the total cost of attendance minus any other financial aid. To apply for the Grad Plus loan, go to www.studentloans.gov.
Federal Perkins Loan
The Federal Perkins Loan is a low-interest loan awarded to students with exceptional financial need. Generally, awards range from $3,000 to $6,000. The interest rate is fixed at 5%. Repayment begins nine months after the borrower ceases at least half-time enrollment. This loan is only awarded to a handful of students each year, usually to those who are not approved for a Graduate PLUS loan. A written statement, documenting your “exceptional need” will be required and should be submitted to the financial aid office for review.
